YouSaid · the spoken record

Robert Boucai

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63
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2025-12-04
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2025-12-04
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  1. “So I spent 21 and 22 trying to find someone to partner with, coming to the conclusion that we needed to find someone to do in the construct that we wanted. I met about 50 potential partners and came across James Boyer, who was running the multifamily business at JRK. And they had the same goals that I desired, which is fixed rate financing, long-term hold, alignment of interest, value investor, and contrarian in the things that they chose. This is exactly what we wanted. 95% of the people that I met wanted to use floating wave financing. The reason they want to use floating wave financing is there's no prepayment penalties. So they combine outside they can fix it and they can sell it and not have a repercussion of paying down the treasury yield maintenance penalty on the debt. I get that. And almost all opportunity funds in the real estate will use floating wave financing. It makes sense if that's your construct. But at the same point,”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Generally using short term floating rate financing and they have shorter term hold because they're trying to generate carried interest income to pay themselves. And then lastly, I would say they don't have as much personal capital invested. So the alignments are not there. There are some other intricacies around taxes and bonus depreciation that we did not see that other GPs were necessarily solving for. We came to the conclusion that we needed to reverse engineer the optimal solution for ourselves and find a partner to help us implement it. That's how we got to where we are today.”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “When I started looking at my own returns and my investments in 2020, I invested in a bunch of real estate general partnerships over the last 10, 15 years. My best aftertax returns were coming from real estate because of the depreciation shelter and the growth in income. It was getting attractive returns on an after-tax basis was effectively double because you're getting a tax defer on the income. I saw that in 2020. I said to one of my partners, we should be doing more of this because the returns are much better than liquid returns on an after-tax basis. We came to the conclusion that we really need to create this ourselves and we couldn't invest more with other GPs because the other GPs don't have the things that we were looking for, which was they're not necessarily benefiting from the income shield that you're getting from real estate because you need to own it long term. You need to use sixth rate financing to do that.”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Hedge fund business in the early 2000s when I started was a terrific business. It was last mature, last developed. Broadly speaking, the markets were flat in the 2000s and in the hedge fund business and long short, you could make 10, 15% Didn't have people that were using cutter code data and satellite data and analyzing number of words were used in a conference call the way they are today. So the competitive field was a lot easier. The business was less mature. You didn't have the number of multi-strap funds and the crowding that you do today. It was a great area and a golden era. Some people have referred to it. Very different today.”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “It's always to keep your eyes open for opportunity of what's changing in the equation, where we are in a cycle. Some things can be good for one sector, not be good for other sectors, and to be aware of that. When I was at Blackstone, what had happened in technology came to the detriment in the public market of real estate companies. REACH would be trading at a significant discount to NAV because people were selling public real estate stocks to buy the technology stock. conversely those stocks did better when the technology stocks blew up. These things can work in reverse. When you look back at the last 20 years as an example, cycles can happen in different asset classes at the expense of one another. It's important to keep sight of that. As I look at where we are today, the assets that are at all time highs and there are assets that are 20 to 30 percent off of their all-time highs and not creates opportunities. That's one of the most important things I've learned from that perspective.”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “When you look across that set of experiences, early private equity real estate, a little bit of venture shorting, hedge fund and loan only today, what are the common threads you took away that helped you, say, over the last 20 years at Newbrook take all those lessons and bring it into your investment stuff?”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Got the most encouragement necessarily at the beginning, but I stuck it out. And at the end of the first year, we had about 200 million of AUM. So we were big enough to see it and scale and we grew the business. Today we have about a billion dollars of AUM between our hedge fund and our long only fund. That's how we got to where we are today on the liquid side of our business.”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Have been 20 years dotting this February. We started that business with $9 million of AUM three months after I started my father told me you should go back and get your old job, but this isn't going to work.”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Because that bubble burst pretty quickly. A lot of these companies were funded by the capital markets that didn't have sustainable earnings and ability to pay the interest on their bone. So I realized that the opportunity was on the short side. I joined the Hedge Fund in 2001 that had a small amount of assets, worked there from 2001 to 2005. We did really well in 01 and 02, taking advantage of the boasting of the TMT bubble. That's what got me interested in the hedge fund business. When I left in 2005, I wanted to start a firm around the best practices of public and private equity. The things I had learned at Blackstone and private equity, having an investment committee, having a standardized memo model with the best practices of public equity, which was the ways to ask company questions, the ways to go about research, the ways to build conviction and ideals and build the firm around those best practices. I started a new book in February of 2006.”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “We invested in a bunch of these startups together. Some of these companies were in public and did quite well. So a bottom-y horizon, investing beyond just real estate. I loved real estate. That got me interested in investing in at the time venture capital. I left Blackstone in 2000 to do venture capital invest in that one year that I did it. I quickly realized that the opportunity was on the short side, not on the long side”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “In 1997, I worked there for three years. There were very few investment jobs coming out of Wharton that were available. Most of them were banking. Private equity didn't really exist for an undergraduate. Blackton was a great place for me to loan. I joined the group when it was on Fund 2. The group only had 12 professionals. We had a portion of an office for 345 Park Avenue. A lot of the people that are there today were very low in the totem pool back then. And it was a great illenium experience. I got to travel a lot, Europe, Asia. It was a real amazing educational experience. But while I was there, besides learning about building a business and investing in real estate, a great friend of mine from Penn, who was an engineer, had opportunities to invest in technology and telecom equipment startups. This was the beginning of the build out of the internet.”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Grew up in Boston. Parents were immigrants from Lebanon. I had the fortune of going up in the 80s and 90s. I enjoyed reading things like the Wall Street Journal, business book, wanted to go to a business school for undergraduate. When I saw Wharton in the summer of 1992, I said, this is really where I want to go to school. I applied early. I got in. I was thrilled. And I spent four years there from 93 to 97, majored in real estate, majored in finance. I was great at math. I loved playing with numbers. I loved reading stories. I invested in the stock market when I was a teenager. That's really what I wanted to do. I had done two summers of investment banking in California, came to the conclusion that investing was what I felt would give me control of what I could do and where I could live. The best real estate job coming out of Whorton was at Blackstone. So that's where I started.”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “When I started looking at my own returns, at my investments in 2020, I invested in a bunch of real estate general partnerships over the last 10, 15 years. My best aftertax returns were coming from real estate because of the depreciation shelter and the growth in income. It was getting attractive returns on an after-tax basis. We came to the conclusion that we really needed to create this ourselves and we couldn't invest more with other GPs because the other GPs don't have the things that we were looking for. We needed to reverse engineer the optimal solution for ourselves and find a partner to help us implement it.”

    2025-12-04 · Capital Allocators · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · IDENTIFIED FROM THE TRANSCRIPT · source